Property data curator ATTOM released its July 2024 U.S. Foreclosure Market Report, which shows a total of 31,929 U.S. properties with foreclosure filings, up 15 percent from a month ago and up slightly by 0.2 percent from a year ago.
“July’s foreclosure activity reflects a slight shift in the housing market,” Rob Barber, CEO of ATTOM, said in a release. “With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However, soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.”
Delaware, Nevada, Utah post highest foreclosure rates
Nationwide, one in every 4,414 housing units had a foreclosure filing in July. States with the highest foreclosure rates were Delaware (one in every 2,214 housing units with a foreclosure filing); Nevada (one in every 2,245 housing units); Utah (one in every 2,289 housing units); New Jersey (one in every 2,607 housing units); and Illinois (one in every 2,660 housing units).
Among the 224 metropolitan statistical areas (MSAs) with a population of at least 200,000, those with the highest foreclosure rates were Provo-Orem, Utah (one in every 940 housing units with a foreclosure filing); Macon, Ga. (one in every 1,167 housing units); Columbia, S.C. (one in every 1,587 housing units); Spartanburg, S.C. (one in every 1,895 housing units); and Atlantic City-Hammonton, N.J. (one in every 1,910 housing units).
Metropolitan areas with a population greater than 1 million with the highest foreclosure rates in July were Las Vegas (one in every 2,089 housing units); Philadelphia (one in every 2,197 housing units); Jacksonville, Fla. (one in every 2,274 housing units); Chicago (one in every 2,279 housing units); and Riverside, Calif. (one in every 2,556 housing units).
Greatest numbers of foreclosure starts in California, Florida, Texas
Lenders started the foreclosure process on 21,870 properties in July, up 18 percent from last month and up 4 percent from a year ago.
States with the greatest number of foreclosure starts included California (2,342 foreclosure starts); Florida (2,339 foreclosure starts); Texas (2,222 foreclosure starts); Illinois (1,221 foreclosure starts); and New York (1,145 foreclosure starts).
Major MSAs with a population greater than 1 million that had the greatest number of foreclosure starts included New York (1,286 foreclosure starts); Chicago (1,555 foreclosure starts); Philadelphia (782 foreclosure starts); Miami (758 foreclosure starts); and Los Angeles (689 foreclosure starts).
Foreclosure completion numbers increase
Lenders repossessed 3,282 properties through completed foreclosures (REOs) in July, up 14 percent from last month and down 2 percent from last year.
States with the greatest number of REOs included New York (377 REOs); California (370 REOs); Illinois (221 REOs); Pennsylvania (219 REOs); and Michigan (212 REOs).
Major MSAs with a population greater than 1 million that saw the greatest number of REOs included New York (271 REOs); Chicago (136 REOs); San Francisco (104 REOs); Detroit (100 REOs); and Los Angeles (97 REOs).